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New York Life Opens Shanghai Joint Venture

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NU Online News Service, Dec. 20, 10:07 a.m. – New York Life Insurance Company, New York, has teamed up with the Haier Group, Qingdao, China, an appliance manufacturer, to open Haier New York Life in Shanghai.

The joint venture will sell life insurance through a force of about 800 career insurance agents.

New York Life received permission to form a joint venture in December 2001 and announced plans to work with Haier a few weeks later. The companies are still seeking regulatory approval to sell insurance in markets outside Shanghai.

Limin Chu, formerly head of the New York Life operation in Taiwan, will manage the Haier New York Life. New York Life expects the company to sell products through a field force of about 800 career insurance agents.